Food for Thought........!

Yesterday's Candel is WEAK,yes it has a Long leg & closing was near upper part even volume was more still as per my experience goes in chart reading these are Weak in nature.

The extreme o/s had to give a bounce also there maybe an attempt to reverse to Mean.

What happens in the subsequent Candels & how much Price retraces or pulls back can give the key to understand this move & subsequent Candel after this is to be watched keenly .

I again reitereate,Weekly would give better signal,any REVERSAL 1st starts to reflect in Lower time frame but its SUSTANIBILITY is better understood on Higher Time frames.
Once wkly shows then in EoD / 60 mins we play Contrarion in Down moves to get Entry nearest to Wkly Stops,would be my strategy to take Positional Trades on Nifty Fut.

Da, I said I could be wrong.... however..........!

Yes. I too take guidance from weekly chart, and that is evident from my earlier postings

Even on the weekly charts, the current week's candle is [so far] showing a large wick at the bottom, which shall stay there, if and only if, the rest of the days of this wek do NOT bring the body of the candle down

Only thing going against, is the current week being sixth to go down. Had it been the seventh, one could have been more hopeful about the eighth Fibo numbered week to turn green.

May be we need to wait for the sixth and seventh weeks to get over, and in the meanwhile, the US election and results also should get over.

It is the wishful thinking that we are at the bottom. But we are NOT, the bottom is NOT very much down. But then..... the worry about the relief rally taking place and markets coming down to touch the bottoms thereafter, only delays the celebrations.

It was very wise on RBI to have kept the interest rates untouched. Any change in the same would have gone un-noticed and without any effect on the markets. Afterall Subbarao is a product of IIT

Cheers!
SS

today nifty celibrated diwali.........

If it could break 3540 in next 1-2 months.........it will be a miracle for me.

Any particular reason to say so, or is it your gut feeling

No gut feeling........

the system I use ........indicate strong resitance.

If it could sustain above 3540.......may be it could reach upto 4050.

Cactus,

This thread was started with an idea to cover various aspects of the markets, such as equity, F&O, world markets, Gold & Crude, Forex, intraday, EOD, weekly, monthly, Technical analysis, Elliot waves, Fibo levels, etc etc etc

In short a "Khichdi" thread that should provide food for thought.

Not in one message I have recommended anything. I have always put forward the charts, with my interpretation, and left everyone to think, decide and take appropriate decision.

Because I believe that God has given everyone a brain of varying capabilities, and one should use it appropriately.

I do NOT believe in following some automatic software made by someone else using his brain power, and claim the credit for the results.

In fact, I do NOT write anything for claiming the credit, and always put my disclaimer saying that message is my opinion and I could be wrong.

With this background, I find that, while you say that you are not interested in EW, but you start advising about levels... it beats me.

The reason for this detailed message is to make you aware, that you yourself are exposing yourself, about your abilities.

Think! You may continue writing the way you are writing. This is an open Forum. But every time you post a message where in, there is no Food for thought for the subsequent readers, any and every reader may question for you comments. And are you prepared to reply such questions?

If Yes. Better answer my question, about the reason for specifying levels in your earlier message this evening, after the markets closed today.

If No. Better THINK, before posting a message. Think, if you are just writing something, or you are providing Food for Thought for the subsequent readers.

And if you cannot provide any food for thoughts, you are surely in the wrong thread. You could as well post your messages in General Chit Chat thread, as the contents, in my opinion, is no different.... and I could be wrong

Cheers!
SS

The reason why I mentioned was that if we see this bull runs in super cycle & the 3rd wave does not test the last peak, then ... am I right ?

Yesterday I got two surprises..one..I was in impression I am communicating with a person who talked first time at board when I joined..but suddenly I found I am talking with Eliots Clone.............

The 2nd surprise.again impression that as a member of forum I can share my opinion..but now I see I was walking in restricted area and traffic man is asking me the rules in hibru language because he understand hibru only

Great SS

..I have doubt whether Mr. Eliot supported his system so strongly as u r doing.may be in ur views those who dont know E-wave and use .ma/crossover/stochastic..excel based systems.are idiots?
Just do a favor for urself.create a pole here at board and let the people show their opinion .how many of the members understand EW..and how many of them found it successful.?

Did anywhere I claimed my self as master..? I simply treat myself as student of market. As far as my abilities are concern..just check my predictions about Indexand compare ..u will find the truth.

I already written dont think to repeat again & again who could be right all the time.? BTW Every self-called expert uses the same disclaimer..

I am trying to refresh my memoriesin 2007 when index started booming.some experts processed food for thought.because $ is rising , last year when market shown weaknesssome of the experts again processed same foodit is because of crued..

Now $ is near 50 & crude is 70 $ but Index is still there..from where it started ..and now the experts are finding the rout of crash in subprime Estates
If this is food for thoughtenjoy ur food.I am not interested.

BTW this is my last talk with u .

Off course, Czar, you are. Anyone who tries to understand EW and the waves cannot be confident in marking a particular wave with a number, unless the subsequent waves fall in line.

Likewise, like most of us, I too had started with an assumption that the current correction is or the Bull run that started around 2001, and had worked out the levels. But like everyone, my assumption was incorrect and so was my probabilities for the lower limits.

But I remember having answered one of your question, about the upper limit for the uptrend that may follow after the bottom is reached. I had mentioned it as the value of 'iv' the wave of previous level.

And again surprisingly, I find that the chart which I had attached on 14th Oct, still shows that level as 4300. It also shows th resistance area marked therein, which are applicable even today.

Therefore, I am a little confused ....after having read so many different versions..... from the bottom, if the rally actually goes upto 4300 in waves and sub-waves, could it be considered as a relief rally? Beats me. Any comments...?
Da.... you are also invited to share your comments here please.

And if and when this top is reached, the downwave thereafter.... what shall be it's bottom....?

Hopefully I have found a Food for my thoughts for working out these possibilities

And thanks to Nifty and the World markets, that the Diwali Muhurat trading was definately the one that everyone was longing for desperaly......!

Cheers!
SS

Even I was told to correct myself, when I posted a wrong message on wrong thread. That is when I realised that every thread has some speciality.

My thoughts were different. One cannot ignore the variations in Crude, Forex, world markets and only analyse a particular stream of the market, that's what I thought.

And that's why this Khichdi thread was started. One may post anything, that should stimulate the readers thinking process.... kind of brain storming........ ignoring those, who do NOT believe in thinking and blindly follow for 'tips'

I am no expert. But I try to be sincere with my thoughts and with myself.

I had no intentions of hurting you, which apperently appears to have been the result of my last posting. Sorry about that. Nothing personal.

Cheer up boy! Think positively... for your own benefit... Good Luck!
SS